$1,899 PURCHASE OPTION (NJ/PA)

The $1,899 Purchase Option makes homeownership affordable with as little as 5% down , no points, no title fees and no other Valley fees.
It's a discounted package for approved applicants that includes the payment of mortgage origination, mortgage settlement, title search and title insurance costs.

Single family, owner-occupied properties and Valley-approved condominium projects in New Jersey and eastern Pennsylvania

Pre-qualifications while you shop for a home

Traditional Closing Cost Option and other programs are also available

*Estimated fees are based on a home purchase amount of $400,000 and a mortgage amount of $300,000.

The $1,899 Purchase Option is a discounted package of settlement services offered to approved applicants as part of the Valley Purchase Program for the payment of mortgage origination, mortgage loan settlement, title search and title insurance costs. A Traditional Closing Cost Option is also available for this program.

The $1,899 Purchase Option is available for single family, owner-occupied properties and Valley-approved condominium projects only in New Jersey and eastern Pennsylvania. Minimum loan amount of $100,000 and maximum loan amount of $749,950. Coops and investment properties are not eligible for this program. Other programs are available for other loan amounts and properties.

A sample for the $1,899 Purchase Option that illustrates typical terms for a $300,000, 30 year fixed rate loan with a 25% down payment, has an APR of 3.907% and monthly payment of P&I of $1,389.36. This APR is accurate as of 3/31/2015 and is subject to change. The APRs may be different for loans that exceed the conforming loan limit of $417,000 (i.e. Jumbo Loans). Down payments of less than 20% will require private mortgage insurance. The estimated monthly payment does not include taxes and insurance premiums, and the actual monthly payment will be greater.

Applicant will be responsible at closing for payment of interim interest and for funding an escrow account for real estate taxes and insurances. Applicant will also be responsible for payment of all settlement items between applicant, as buyer, and seller for the purchase of applicant's home, and for applicant's attorney fees.

Lower rates may be available for certain Jumbo Loans for applicant's willing to pay higher closing costs. Ask your Valley representative for details on this separate program.